week 8: strategic planning Flashcards
strategic planning
defining goals, establishing objectives for achieving these goals, and developing plans to integrate and coordinate activities related to the achievement of these goals
it is goal oriented
what are the three levels of strategy?
- corporate
- business
- functional unit
corporate
strategies followed by an organization as a whole, to achieve goals
business
asks how to compete within a particular industry
functional unit
strategy for a particular business unit such as sales, marketing, or finance
what is the 5-step process of strategy
- strategy analysis
- strategy direction
- strategy formulation
- strategy implementation
- strategy evaluation
strategy direction
includes: mission statement, vision statement, values, strategic pillars, and organizational objectives
mission statement: identifies and purpose
identifies: the purpose, what we do, how we do it, philosophy, who we are, why we do it.
Purpose: guide strategic planning, define scope, provide purpose, promote shared expectations
vision statement: identifiers and purpose
identifies: medium-to-long-range ambitions, how you want to see yourself down the line, and what you want to try to achieve as a unit/organization.
Purpose: promotes commitment, gives an orientation, motivates people, establishes standards
values
The core values are all internal strengths, what is important, organizational principles
strategic pillars
overarching goals that the organization wants to achieve, keep the organization on the right path regarding doing what’s right for the environment, the people and the planet
organizational objectives
Organizational objectives → specific ways to achieve the vision. SMART objectives, looking at objectives vs goals.
SMART goals
- specific
- measurable
- attainable
- relevant
- time-bound
the elements of strategic direction
- Mission statement → purpose of the organization
- Vision statement → long-term direction
- Values → What is important to the organization
- Strategic pillars → Broad long-term goals
- Organizational objectives → specific sport-term means of achieving goals
strategy formulation
What will be your competitive advantage?
What will you offer that no one else offers/you offer better than everyone else?
